Reliance Industries, HDFC Bank, and Wipro are key large-cap stocks to focus on Monday
Upstox
2 min read • Updated: April 22, 2024, 8:48 AM
Summary
Indian markets are expected to open higher, taking cues from buoyant Asian markets and strong domestic triggers. The NIFTY 50 closed positive on Friday after opening nearly 180 points negative on Friday morning, posting a strong recovery
Indian markets are set to open positive as GIFT NIFTY futures indicate a 100-point jump on Monday morning. In addition, the Asian markets are also trading in the green on Monday morning with 0.7% to 2% gains, with Hong Kong's Hang Seng index gaining the most.
Besides global triggers, Indian markets are expected to react to major domestic developments like Q4 earnings, Strong FII buying data after a long time, etc. The Foreign investors turned buyers on Indian equities on Friday as FIIs bought equities worth ₹129 crore. At the same time, domestic institutions sold equities worth ₹52 crore.
Key stocks to watch
HDFC Bank reported a net profit of 16,511 crore in Q4FY24, making 37% YoY. The asset quality of the bank continued to remain stable as GNPA & NNPA came in at 1.2% and 0.3% for the quarter. Further, the bank also recommended a dividend of ₹19.5 per share.
Wipro reported a consecutive decline in revenue and net profit for the quarter. The company also revised its revenue guidance to -1.5% for Q1FY25, marking further pain in its top-line growth.
Reliance Industries is expected to report its quarterly earnings today. The revenue is expected to jump by 14%. The oil-to-telecom conglomerate is expected to show strong margins led by higher oil prices and better refining margins.
Vodafone Idea FPO will close its ₹18,000 crore FPO today on April 22. The issue is currently subscribed to 49% till the second day of the issue.
HDFC AMC reported 43% YoY growth in its March quarter revenue. The company also recommended a dividend of ₹70 per share.
IREDA reported its all-time-high net profit of ₹1,252 crore, an increase of 45%. The net NPA for the company stood at 0.99%. At the same time, the loans and advances grew by 27% at ₹59,680 crore.